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A 770 credit score is something to be proud of. It’s not just good but considered “very good” in the FICO® scoring model. It lands comfortably in the second-to-highest credit tier, just 30 points shy of the highest FICO rating, which is “exceptional” credit.
A 770 score can net you lower interest rates and more favorable terms on financing, such as a credit card, mortgage, car loan, or personal loan. We’ll walk you through how a 770 credit score can boost your power as a consumer and how to reap the benefits of having solid credit.
Key Points
• A 770 credit score is very good, though not in the exceptional tier.
• This score provides access to competitive interest rates and favorable terms.
• Most credit cards, auto loans, mortgages, and personal loans are available.
• Strong approval odds for financial products reflect financial responsibility.
• Continue building your credit by maintaining consistent payments, low balances, and a diverse credit history.
What Does a 770 Credit Score Mean?
A credit score is a three-digit number, typically between 300 and 850, that estimates how likely you are to repay a loan and make payments on time. Lenders and creditors use your credit score to decide whether to approve you for a new account, and to set interest rates and other terms.
A credit score of 770 falls within the Very Good range on the FICO scoring model, which has five credit tiers: Here’s how they break down:
• Poor: 300 to 579
• Fair: 580 to 669
• Good: 670 to 739
• Very Good: 740 to 799
• Exceptional: 800 to 850
According to FICO, scores in the Very Good range are above the average of U.S. consumers and demonstrate to lenders that someone is a “very dependable” borrower. A 770 score is typically the result of timely bill payment and good credit management.
While the majority of lenders use FICO scores, some opt to use their own credit scoring models or VantageScore, a FICO competitor. With VantageScore, a 770 is considered a Good credit score, which is their second-to-highest tier and includes scores between 661 to 780. Their highest tier is called Excellent, which includes scores from 781 to 850.
What Else Can You Get With a 770 Credit Score?
A 770 credit score opens up a world of financial possibilities. Whether you’re in the market for a new credit card, mortgage, car loan, or personal loan, your very good credit rating can result in strong approval odds and competitive terms.
Can I Get a Credit Card With a 770 Credit Score?
Yes, a 770 credit score qualifies you for most credit cards. This includes rewards cards, cash-back cards, and even premium travel cards (with perks like access to airport lounges and travel insurance). In addition, you’re likely to receive a relatively high credit limit and favorable terms, enabling you to optimize your spending and earn more rewards. With a 770 score, you may also be able to snag a sign-up bonus or 0% introductory APR.
Note that some of the premium credit cards come with steep annual fees, so you’ll need to consider whether the benefits they offer are worth the cost. If you don’t travel often, you may be more than happy with a top rewards card with no annual fee.
The average credit score among Americans with car loans is 717. This means that if you have a score of 770, getting an auto loan shouldn’t be a problem. With your very good credit score, you should also have access to some of the lowest interest rates, reducing the overall cost of your loan.
Exactly what interest rate you can get with a 770 credit score will depend on the lender. According to Experian data, car buyers with scores between 661 and 780 paid, on average, 6.70% APR for a new-car loan and 9.63% APR for a used-car loan in the third quarter of 2024. Even better: Some auto manufacturers offer 0% financing for many new car models to “well-qualified” borrowers. While the definition of well-qualified varies by lender, it often includes those with a Very Good FICO score.
To find the best deal on a car loan, it’s a good idea to shop around for loan offers and compare rates from different lenders. Many lenders offer auto loan preapproval so you can lock in a rate before you shop for your car, which can be a useful bargaining chip with the dealer.
Can I Get a Mortgage With a 770 Credit Score?
A credit score of 770 puts you in the path of most types of home loans. The most common type of mortgage, a conventional loan, typically requires a FICO score of at least 620. A 770 score puts you comfortably over this requirement and can help you score a competitive interest rate and attractive terms.
With a 770 credit score, you’ll also likely have access to a jumbo home loan, which is a larger-than-normal-size mortgage that typically requires a 20% minimum down payment. Since these loans pose a higher risk to a lender, they typically require a credit score of 700 or higher.
Keep in mind that mortgage lenders will look at more than just your credit score when you apply for a home loan. They typically consider a range of criteria, including your debt-to-income (DTI) ratio and the size of your down payment.
Can I Get a Personal Loan With a 770 Credit Score?
The minimum credit score required for a personal loan varies by lender, but you typically need a score of 580 or higher to get approved. With a 770 credit score, you can likely qualify for a lender’s top interest rates, more flexible terms, and higher loan amounts. See if you can get preapproved online. That’ll give you an idea of your loan amount and interest rate with a particular lender and generally involves a soft credit check, which won’t impact your score.
Once you qualify, there’s a lot you can do with a personal loan. For example, you can use the proceeds from the loan (which can be anywhere from $1,000 and $100,000) to consolidate high-interest credit card debt, cover emergency expenses, pay for a wedding, fund a vacation, or cover home repairs or renovations.
The Takeaway
A 770 credit score is considered a very good score and should give you access to an array of credit and lending products. When a lender sees a 770 FICO score, they can feel confident that you are financially responsible and will make timely payments. As a result, you’re likely to get better credit and lending offers than someone with merely good or fair credit.
That said, a 770 credit score still lands below the highest credit tier (known as “exceptional” credit), indicating that there is still some room for improvement. Continuing to build your credit over time can open the door to lending products with even better terms in the future.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.
SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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Brown University, located in Providence, Rhode Island, is known for being a leading research university. Brown University tuition for the 2023-24 school year was $68,230, which is significantly higher than the average for private four-year universities of $41,540 per year.
Costs for 2023-24
Tuition & Fees
$68,230
Room & Board
$16,598
Other Expenses
$2,820
Total Cost of Attendance
$87,648
Financial Aid
At Brown, 61% of students receive some kind of financial aid, including student loans and scholarships, to help pay for Brown tuition. Brown has been “need-blind” for domestic students for nearly 20 years, which means an applicant’s financial background isn’t taken into consideration during the application process. Anyone, regardless of income and financial situation, can apply. The university is currently making strides to offer the same need-blind process for international students.
Generally, financial aid is monetary assistance awarded to students based on personal need and merit. Students who qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.
The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:
• Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, or financial need.
• Grants: Generally based on financial need, these can come from federal, state, private, or nonprofit organizations.
• Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.
• Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.
Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state, federal and school deadlines may differ.
You can find other financial aid opportunities on databases such as:
While just 9% of Brown students take out federal student loans, even fewer (2%) take out private student loans. The average private loan is $28,861 a year.
Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or state-affiliated organizations. While Federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.
What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans, which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.
Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for as it generally may have better rates and terms.
If you’ve missed the FAFSA deadline or you’re struggling to pay for school during the year, private loans can potentially help you make your payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.
Given that the total cost of attendance at Brown is $87,648 for the 2023-24 school year, it would cost $350,592 over four years. The average cost for private school tuition plus room and board in the U.S. is $60,420 a year, or $241,680 for four years, according to CollegeData.com.
Brown students paid $68,239 a year in tuition and fees in 2023-24, plus an additional $16,598 for room and board.
The average tuition for private four-year schools is $41,540, and room and board is $14,650.
Graduate Tuition and Fees
Costs for 2023-24
Tuition & Fees
$65,656
Room & Board
$1,350
Total Cost of Attendance
$67,006
There are graduate loans and scholarships available to help cover graduate school tuition ($65,656) and fees ($1,350).
Cost per Credit Hour
While most students opt to attend Brown University full-time, others attend part-time. In this case, tuition is based on the number of courses the student takes, and the tuition cost per course is currently $8,576.50.
Campus Housing Expenses
Costs for 2023-24
On-Campus
Off-Campus
Room & Board
$16,598
$17,444
Other Expenses
$2,820
$$2,820
First-year students at Brown are required to live on campus, and 74% of other undergraduates choose to continue to do so. First-year undergrads have roommates in residence halls that house 50-60 students. Returning students may live in private single rooms, suites, or apartments, based on a lottery system.
Students interested in living off campus can find housing through Brown Real Estate’s website (explore auxiliary housing options here ). Housing typically includes utilities such as heat, hot water, gas, and electricity, and leases are for 12 months. Types of housing vary, but range from $800 to $1800 per person per month.
Brown University Acceptance Rate
Fall 2022
Number of applications
51,316
Number accepted
2,566
Percentage Accepted
5%
Admission Requirements
The Brown acceptance rate is low because the school has high standards for its students. Here are the requirements for applicants.
Required:
• Transcript
• School report
• Midyear school report and transcript
• Counselor recommendation
• Two teacher evaluations/recommendations
• Bachelor of Science and PLME recommendations (if applicable)
• Final school report and transcript
Recommended:
• Secondary school GPA
• Secondary school rank
• Admission test scores (SAT/ACT)
The deadline for Early Decision is November 1, and the Regular Decision deadline is January 3. You can apply here .
SAT and ACT Scores
Like many universities, Brown is waiving the requirement for standardized test scores for first-year applicants for the 2023-24 school year.
Here are the 25th and 75th percentile of test scores for Brown students enrolled in Fall 2023:
Subject
25th Percentile
75th Percentile
SAT Evidence-Based Reading/Writing
740
770
SAT Math
760
800
ACT Composite
34
35
ACT English
35
36
ACT Math
32
35
Popular Majors at Brown University
Brown University offers more than 80 undergraduate programs and 2,477 courses. Here are some of the most popular majors.
1. Computer Science
Brown offers fields of study in both general computer science and computer science with an emphasis in economics. Students learn about artificial intelligence, databases, distributed systems, networks, operating systems, programming languages, and robotics and security.
Undergraduate degrees in 2022-23: 187
2. Applied Mathematics
Brown offers several undergraduate programs in applied mathematics, including those in biology, economics, and computer science, as well as general applied mathematics.
Undergraduate degrees in 2022-23: 141
3. Economics
Students focusing on economics learn how individuals, businesses, and governments allocate resources to meet goals. Economics majors may go on to work in business, finance, or government organizations.
Undergraduate degrees in 2022-23: 123
4. Biology
While studying biology, students learn about cell and molecular biology, structure and function, and organismal biology.
Undergraduate degrees in 2022-23: 96
5. Neuroscience
If you’re interested in topics like visual physiology, neurochemistry, and behavior, a degree in neuroscience might be of interest. In addition to diving into these specific fields, you’ll also learn about psychology and cognitive science, and the mathematical and physical principles involved in modeling neural systems.
Undergraduate degrees in 2022-23: 74
6. Engineering
Brown sends highly-trained students of biomedical, chemical, computer, electrical, materials, and mechanical engineering out into the workforce. The course load also includes classes in math, computing, and chemistry.
Undergraduate degrees in 2022-23: 73
7. English
English students dive deep into English literature, including poetry, fiction, drama, film, creative nonfiction, digital media, and theory.
Undergraduate degrees in 2022-23: 53
8. Political Science and Government
Students of political science examine how people live, govern themselves, and solve problems in communities around the world.
Brown has an exceedingly high graduation rate. For example, here is the percentage of first-year students in 2017 who graduated:
• 6 years: 96%
Post-Graduation Median Earnings
The median earnings for Brown graduates is $93,000. In contrast, the median salary for graduates of four-year schools is $68,516.
Bottom Line
Brown is a prestigious school with stringent requirements for admissions. If you are at the top of your class, you may stand a chance of getting accepted even if your financial need is high, since the school is need-blind.
SoFi private student loans offer competitive interest rates for qualifying borrowers, flexible repayment plans, and no origination fees.
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SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.
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Comments Off on How to Make Saving for Retirement a Habit
Saving for retirement is a huge undertaking, and if you feel overwhelmed by it, you’re not alone. That’s why we’re focusing on how to get your long-term savings and investments on track, with a three-part series this week. In this piece, we explore why habit formation is so important. Later, we will tackle why there is no one-size-fits-all solution when it comes to saving for the long-term. And finally, we will get into how streamlining your retirement portfolio with the help of an individual retirement account (IRA) can potentially help you reach your goals.
The New Year can be a great time to start a new habit. So how about this: Get your retirement savings on track this January. We know that saving for something that may feel as far off as retirement can be tricky, especially given the rising cost of living and a fear of missing out on living in the present. Not to mention demands such as debts that need to be paid off, child care, or other financial obligations that may make it difficult for you to prioritize saving for a future that’s still decades away.
But here’s the thing – making saving for retirement a habit early on can actually save you money in the long run. Here’s how.
Time Is Your Most Valuable Asset
If you’re saving for the long-term, time is without a doubt your most valuable asset. The sooner you start to put money away, the more time your money has to work for you.
Here’s what we mean when we say that: The broadest measure of the U.S. stock market, the S&P 500, on average returns about 7% annually, adjusted for inflation. (This percentage is based on historical data and thus only denotes a potential. As time and market conditions change, S&P 500 performance may differ.) As you save and your investments grow in value, any additional cash you put towards your nest egg helps it grow in the future. You can think about it like a snowball effect.
That means every incremental dollar you save has the potential to be much more than that a few years down the line. That’s the phenomenon of compound growth. And the longer you’re invested, the more the power of compounding can work in your favor. With that said, investing always bears some risks; understanding these risks and your own tolerance for them can help you navigate your investments.
Let’s look at an example that shows just how much cash you can save by taking advantage of this dynamic: Someone who starts saving for retirement at 25, putting away $500 per month, could see these total savings of $240,000 grow to more than $1 million by the time they’re 65 based on the average annual S&P 500 return of 7%. But if this person delays regular retirement savings until they’re 35, their monthly contribution would need to be $833 for a total of nearly $300,000 to achieve the same outcome. And that’s how starting early matters can save your actual dollars down the line: in this example a whopping $60,000.
Good Habits Die Hard
So much in financial wellness is about consistency. Whether it’s about tracking your spending, paying down debt, or putting money away for a rainy day, consistency can make or break your success. Saving and investing for retirement is no different.
The sheer amount of money you’re trying to accumulate for a comfortable retirement can make you feel like whatever you’re doing isn’t enough to get you there. Regardless of how much you can save each month, consistency and compounding can help you reach your goal. Putting a much more manageable amount of money towards your savings every month may still potentially pay off over time, especially if you start early.
After all, many Americans save for retirement without maxing out their 401(k) contributions to the federally mandated limit. (In 2024, this limit was $23,000, excluding catchup provisions for those 50 or older.) According to a report from 401(k) provider Vanguard, only 14% of plan holders maxed out their contributions to the limit of $22,500 in 2023. But remember: As your retirement savings are invested in the market, there is no guarantee for their growth over time, as historical performance doesn’t ensure future results.
The principles of consistency and compounding don’t only apply to employer-sponsored retirement plans. Almost anyone who has earned money can open a tax-advantaged individual retirement account, or IRA. (In 2024, the contribution limit to a traditional IRA was $7,000 excluding catchup provisions.)
You can hold and contribute to this type of account alongside any employer-sponsored plan. IRAs can also be useful if you want to consolidate 401(k) from previous jobs into one account, but we’ll get into that in more detail later in this series. (SoFi offers you a 1% match for any rollovers and contributions to a SoFi IRA.)
One way to stick with your saving plans is to automate. Whether you’re automating your monthly contributions or your investments themselves, lifting the burden of having to remember – and worse, actually follow through – off you can be helpful. (SoFi makes it easy to set up recurring deposits with the amount and frequency of your choosing, and offers SoFi Plus members a 1% match on recurring deposits.) There are many ways to do this, and we previously wrote in depth about dollar-cost averaging, an investment strategy that prioritizes investing consistently over time.
Next up in this article series, we will tackle how to optimize your retirement accounts for your goals and why there is no one-size-fits-all solution.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
The S&P 500 Index is a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S. It is not an investment product, but a measure of U.S. equity performance. Historical performance of the S&P 500 Index does not guarantee similar results in the future. The historical return of the S&P 500 Index shown does not include the reinvestment of dividends or account for investment fees, expenses, or taxes, which would reduce actual returns.
Columbia University, an Ivy League research institution in New York City, is one of the oldest and most respected universities in the country.
If you’re considering applying to Columbia, here’s what you need to know about the admissions process, the Columbia acceptance rate, tuition, financial aid, and more.
Total Cost of Attendance
In 2023-24, Columbia University tuition and other expenses were as follows:
• Columbia tuition and fees: $69,045, a 4% increase over the previous year
• Books and supplies: $1,392, a 2% increase over the previous year
• On-campus room and board: $16,800, a 3.5% increase over the previous year
• Other expenses: $2,350, a .5% decrease over the previous year
Total costs, then, are as follows:
• On-campus total: $89,587, a 4% increase over the previous year
Financial Aid
Columbia University is need blind, which means applications are considered without factoring in the financial needs of the student. In addition, the university meets 100% of demonstrated need for all qualifying first-year students and transfers. This can help applicants from lower and middle-class families who may not have the financial resources to pay for college expenses.
In 2022-23, 56% of first-time, full-time undergraduates received some sort of financial aid. Here, specifically, is what they received:
• Grant or scholarship aid: 52% of students received this type of aid with an average award of $65,173
• Federal grants: 22% of students received this type of aid with an average award of $7,929
• Pell grants: 22% of students received this type of aid with an average award of $5,747
• Other federal grants: 12% of students received this type of aid with an average award of $3,932
• State/local: 6% of students received this type of aid with an average award of $4,798
• Institutional: 51% of students received this type of aid with an average award of $61,951
• Student loan aid: 7% of students received this type of aid with an average amount of $14,737
• Federal student loans: 6% of students received this type of aid with an average amount of $5,103
• Other student loans: 2% of students received this type of aid with an average amount of $35,376
Generally, financial aid is monetary assistance awarded to students based on personal need and merit. Students that qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.
The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:
• Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, and financial need.
• Grants: Generally based on financial need, these can come from federal, state, private, and non-profit organizations.
• Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.
• Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.
Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state and federal and school deadlines may differ.
You can find other financial aid opportunities on databases such as:
In 2022-24, 2% of Columbia students received private student loans with an average amount of $35,376.
Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or state-affiliated organizations. While Federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.
What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.
Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for as it generally may have better rates and terms.
If you’ve missed the FAFSA deadline or you’re struggling to pay for school throughout the year, private loans can potentially help you make your payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.
In 2023-24, Columbia University’s cost of attendance was $89,587. Four years at this price would equal $358,348. Keep in mind, though, that there may be tuition increases. For instance, Columbia’s 2021-23 cost of attendance increased by 4.3% compared to the previous year ($82,584).
In 2022-23, Columbia tuition and total expenses were:
• Columbia tuition and fees: $69,045
• On-campus total cost of attendance: $89,587
In 2023-24, the average total cost for a private university in the U.S. was $60,420, which makes the cost of attendance at Columbia 14% higher.
Graduate Tuition and Fees
In 2023-24, graduate tuition at Columbia cost on average $53,576, with fees of $2,703, for a total of $56,279. In comparison, the national average cost for a master’s degree is $62,820. Graduate loans can help with this cost.
Cost per Credit Hour
Cost per credit hours (Columbia calls credit hours “points”) are available on the Columbia University website based on the area of study. For example, at Teachers College, the cost per credit hour in 2024-25 was estimated at $2,049, with a college fee of $518 per term.
Campus Housing Expenses
In 2023-24, Columbia room and board costs are:
• On-campus room and board: $16,800
Off-campus housing in Manhattan can be pricey, with a 703-square-foot apartment going for an average of $4,614 monthly in early 2023. Leases are usually year-round rather than just for the academic year.
Columbia University Acceptance Rate
In fall 2023, 57,613 people applied to the school and the Columbia University acceptance rate was just 4%.
Admission Requirements
Application information is available with early action applications due by March 1 of the year prior to attendance, and regular decision applications due by May 15 of the academic year.
Students must provide an official high school transcript, a counselor’s recommendation, a teacher recommendation from the academic area that a student wishes to pursue, and a mid-year report. Columbus University is test optional through at least the 2024-2025 school year.
SAT and ACT Scores
In fall 2023, 40% of applicants submitted SAT scores and 21% submitted ACT scores. The 25th and 75th percentile numbers were as follows:
Subject
25th Percentile
75th Percentile
SAT Evidence-Based Reading/Writing
730
770
SAT Math
760
800
ACT Composite
34
35
ACT English
35
36
ACT Math
32
35
Popular Majors at Columbia University
In 2022-23, 2,416 undergraduates earned a degree from Columbia. Here are some of the most popular majors.
1. Social Sciences
Undergraduate degrees in 2022-23: 647
2. Computer Science
Undergraduate degrees in 2022-23: 365
3. Engineering
Undergraduate degrees in 2022-23: 308
4. Biological and Biomedical Sciences
Undergraduate degrees in 2022-23: 169
5. Psychology
Undergraduate degrees in 2022-23: 124
6. History
Undergraduate degrees in 2022-23: 118
7. Mathematics and Statistics
Undergraduate degrees in 2022-23: 113
8. Visual and Performing Arts
Undergraduate degrees in 2022-23: 101
9. English
Undergraduate degrees in 2022-23: 98
Columbia Graduation Rate
The graduation rate for students who began their studies in fall 2015 at Columbia was:
• 6 years: 95%
Post-Graduation Median Earnings
Median earnings for Columbia graduates is $102,000 a year. In comparison, the average annual earnings of college grads in the U.S. is $55,260.
Bottom Line
Columbia University is a respected educational institution. Although the tuition at this Ivy League school is higher than the average, the university has a need blind application process and seems to be generous with institutional aid. However, the Columbia acceptance rate is low—which means getting in may be your biggest challenge.
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• A home equity line of credit (HELOC) can help you find the money to pay for home improvements or education expenses, or to consolidate debt.
• When you compare HELOC lenders in Wisconsin, consider interest rates and terms, fees, credit line minimums and limits, and the lender’s reputation.
• HELOC rates in Wisconsin are influenced by the prime interest rate and other economic variables.
• Your own financial standing, such as your home equity position, credit score, income, and loan-to-value ratio, may significantly impact the HELOC rates lenders in Wisconsin offer you.
• To qualify for the most favorable HELOC rates, you can prioritize building your credit score, maintaining a steady flow of income, and working toward a low debt-to-income ratio.
Introduction to HELOC Rates
if you’re looking to learn how to get equity out of your home with a HELOC, this guide will accelerate and inform your process of applying, plus help you get a competitive interest rate. You’ll learn about the key factors that influence HELOC rates in Wisconsin. You’ll also find out how to use this information so you can put your best financial foot forward and make informed decisions when you convert your home equity into cash. Let’s start with the basics:
What Is a HELOC?
HELOCs enable homeowners to borrow against their home equity. You can borrow up to 90% of your home’s value, less what you owe on your mortgage. But a HELOC works somewhat like a credit card, meaning that you don’t have to borrow the entire amount all at once, and that is one difference in a HELOC vs. a home equity loan. You can borrow the money as you need it, in increments. But because a HELOC is secured by your home, it usually offers a better interest rate than a credit card or a personal loan.
HELOCs have two separate phases: a draw period followed by a repayment period. It’s important to understand the difference between the two.
The Draw Period
During the draw period (usually 10 years), you can access your HELOC funds up to your credit limit, make payments to pay down your balance, and borrow the money all over again. Borrowers are usually required to make interest payments during the draw period, but paying down the principal may be optional. This gives you control over your finances during the HELOC draw period.
The Repayment Period
The repayment period lasts 10–20 years, and during it, you must repay the HELOC principal with interest. A HELOC repayment calculator can help you understand what your monthly payments and overall interest paid could look like. Since HELOCs carry the risk of foreclosure if borrowers default, it’s important to understand what payments you’ll be required to make, and to research HELOC rates in Wisconsin to ensure you get a competitive deal.
Where Do HELOC Interest Rates Come From?
HELOC rates are influenced by lenders’ prime rate, the benchmark interest rate for their most creditworthy customers. Additional factors influence what individual applicants are offered. We’ll cover those later, but first, you need to understand how big of a deal an interest rate can be.
How Interest Rates Impact HELOC Affordability
Your interest rate makes a big difference when you borrow with a HELOC. If you spend a little time with a HELOC repayment calculator, it can help you understand the influence that rate will have on affordability. Here’s a look at three possible HELOC credit limits with different interest rates and terms:
Loan Amount
Loan Term
Interest Rate
Monthly Payment
Total Interest Paid
$100,000
20 years
8.00%
$836
$100,746
7.00%
$775
$86,072
10 years
8.00%
$1,213
$45,593
7.00%
$1,161
$39,330
$50,000
20 years
8.00%
$418
$50,373
7.00%
$388
$43,036
10 years
8.00%
$607
$22,797
7.00%
$581
$19,665
$25,000
20 years
8.00%
$209
$25,186
7.00%
$194
$21,518
10 years
8.00%
$303
$11,398
7.00%
$290
$9,833
HELOC Interest Rate Trends
Looking at a history of the average prime rate can give you insight into current HELOC rate trends. As you can see in the chart below, the prime rate has fluctuated notably in the last few years, reaching a low of 3.25% in 2020 and a high of 8.50% in 2023. If you’re working on understanding what is a home equity line of credit and wondering if a 4.00% rate might be in your future, this chart will provide valuable perspective (such low rates are a rarity).
Historical Prime Interest Rate
Date
U.S. Rate
9/19/2024
8.00%
7/27/2023
8.50%
5/4/2023
8.25%
3/23/2023
8.00%
2/2/2023
7.75%
12/15/2022
7.50%
11/3/2022
7.00%
9/22/2022
6.25%
7/28/2022
5.50%
6/16/2022
4.75%
5/5/2022
4.00%
3/17/2022
3.50%
3/16/2020
3.25%
3/4/2020
4.25%
10/31/2019
4.75%
9/19/2019
5.00%
8/1/2019
5.25%
12/20/2018
5.5%
9/27/2018
5.25%
Source: U.S. Federal Reserve
Historical U.S. Prime Rates
Factors Influencing HELOC Rates
The prime rate is important, but it isn’t the only thing that influences HELOC interest rates in Wisconsin. Factors that are specific to individual borrowers also matter. Understanding them can help you secure the most favorable rates for your line of credit.
Home Equity
If you have a sizable amount of equity in your residential property, it makes you an attractive prospect for lenders and may score you a more attractive interest rate. Homeowners typically need a minimum of 15% equity to qualify for a HELOC.
Credit Score
A credit score of 680 or higher is a great thing when it comes to securing a HELOC. Many lenders look for borrowers with credit scores over 700.
Stable Income
Lenders look hard at the money you earn. They are going to carefully evaluate your ability to repay the HELOC, so income stability is important to them. It’s a good idea to use a HELOC monthly payment calculator to make sure you’ll be able to make your monthly payments.
Loan-to-Value Ratio
Most lenders will require a combined loan-to-value ratio (CLTV) of 90% or less. Compute your CLTV by adding your existing mortgage balance to the amount you hope your line of credit might be, then divide by your home’s appraisal value. Here’s an example:
Your property is currently valued at $500,000. You still owe $300,000 on your mortgage. You have decided to apply for a $120,000 HELOC.
$300,000 + $120,000 = $420,000
$420,000 / $500,000 = .84
Your 84% CLTV puts you in the right range for many lenders.
Variable vs Fixed Interest Rates
As you just read, HELOCs tend to carry variable interest rates, which are subject to change over the line of credit’s duration. Variable interest rates are often lower to begin with, when you compare them to fixed rates. But by design, they increase or decrease as the market fluctuates.
Tools & Calculators
Online tools can be handy. They will save you time and assist you in calculating approximate payments, or the interest you’ll pay, on a HELOC. Our favorites include a HELOC interest-only calculator, which will help you determine the payments you’ll have to make during the draw period.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
How to Qualify for a Competitive HELOC Rate
A “to do” checklist can get you started in your preparation to secure a competitive rate on your HELOC. These tasks will help you think about the factors lenders scrutinize when they determine your eligibility and interest rate. A solid financial standing will enhance your ability to secure different types of home equity loans and credit lines.
Cultivate Your Credit Score
In the past, when you applied for your home loan, your credit score was top priority. It’s just as important now, as you prep to apply for a HELOC. You can build your credit score over time by paying your bills on or before the dates when they’re due. Reducing or eliminating credit card debt is also wise. Review your credit report often, and address errors promptly.
Assess Your Home Equity
Homeowners build home equity with timely mortgage payments. Renovations enhance your equity, too — they not only make your home happier, but also boost its value. If your home equity is in the single digits or teens, getting HELOC approval from a lender may be difficult.
Calculate Your Debt-to-Income Ratio (DTI)
Your DTI ratio is how much you pay each month on the debt you carry (student loans, car loans, personal loans, etc.), divided by your gross monthly income. Home equity lenders tend to look for a DTI below 36%. Some allow up to 50%. Calculating your DTI ratio can help you determine your eligibility for a HELOC, and is an important factor in whether you’ll qualify for desirable terms.
Application Process for a HELOC in Wisconsin
The HELOC application is fairly straightforward, but a clear understanding of each step can help you complete the process efficiently and successfully.
Step 1. Run the Numbers
Check your credit scores and calculate your DTI. You should also get a good estimate of your home equity before you start an application for a HELOC. Some lenders offer online prequalification tools that will help you streamline this process.
Step 2. Compare Lenders
Look into what offers you might be able to qualify for when it comes to interest rates. Also compare lenders’ qualification requirements, credit line minimums and maximums, fees, length of draw and repayment periods, and other details.
Step 3: Gather Your Documents
Pull together paperwork including your proof of income, a detailed employment history, your credit reports, and current documentation of your home’s value.
Step 4: Submit Your Application
You can usually fill out and transmit your HELOC application online. Lenders will also likely let you fill it out by phone or in person. Ensuring that all information you provide is both accurate and complete will prevent delays in your application’s processing.
Step 5: Get an Appraisal
After you submit your application, you’ll need to follow up with a home appraisal to establish your home’s current market value. If the appraisal indicates a value exceeding your outstanding mortgage balance, the lender may approve your HELOC application.
Step 6: Prepare for Closing
Before you can access your HELOC funds, you will need to sign loan documents and most likely pay some fees. (Make sure you fully comprehend all terms and conditions before signing anything, of course.) Some lenders may make funds available in as few as three days following your closing on a HELOC.
Tax Benefits and Considerations
Homeowners can deduct HELOC interest if the funds borrowed are used to buy, build, or significantly improve their primary residence. Interest deductions on the first $375,000 of the HELOC principal are allowed for individual taxpayers ($750,000 is the limit for married couples filing jointly). Consult a tax advisor to help you navigate specific tax implications and confirm eligibility for HELOC-related deductions.
How Much Does a HELOC Cost?
What you’ll pay to establish a HELOC is typically lower than the costs of a home loan or mortgage refinance, which can range from 2 to 5% of the loan amount. The most significant HELOC cost is the appraisal fee, which can be as much as $500. Other costs, like application and administrative fees, will likely be added. Lenders may also charge annual maintenance, transaction, inactivity, and early termination fees. In some cases, they may reduce or waive fees but increase your interest rate. Be sure to compare offers from several lenders.
Alternatives to HELOCs
Other ways to get equity out of your home exist, too, including home equity loans and cash-out refinancing. Personal loans are another option if you prefer an unsecured loan. Carefully consider advantages and disadvantages of each option to choose the one that best meets your requirements.
Home Equity Loan
Unlike a HELOC, a home equity loan can provide a lump sum amount, and you’ll pay it back at a fixed interest rate. Borrowers can usually access up to 85% of the equity they’ve built in their home. Use a home equity loan calculator to estimate your borrowing capacity.
Here’s a quick comparison:
HELOC
Home Equity Loan
Type
Revolving line of credit
Installment loan
Interest Rate
Usually variable-rate
Usually fixed-rate
Repayment
Repay only what you borrow; you may have the option to make interest-only payments during the draw period.
If you’re debating between a cash-out refinance vs. a home equity line of credit, know this: Cash-out refinancing lets homeowners refinance a mortgage for more than what’s owed, and receive the difference in cash. This option suits those needing a large lump sum, and gives you a single monthly payment.
Personal Loan
Personal loans don’t require collateral, so they are a good option for borrowers without significant home equity. A personal loan can get you a lump sum of $1,000–$100,000 that you pay back in regular payments with interest over a set term of 2–7 years. These loans can be used for almost anything, including home improvements, debt consolidation, and other large expenses.
Credit Cards
Credit cards and HELOCs are both forms of revolving debt. Instead of a lump sum of money, you receive access to a credit line, and you can then tap it as needed. Credit cards do, however, come with higher interest rates than HELOCs. That can make them much more expensive if you carry a large balance month after month. While credit cards offer flexibility for smaller purchases, a HELOC can provide a more cost-effective solution for larger expenses like home improvements or debt consolidation.
The Takeaway
A HELOC is a flexible way to tap into your home equity. It’s useful if you need to borrow but aren’t sure exactly how much you’ll ultimately need. You will only pay interest on the amount of the credit line you use at any given time. With good preparation and close attention to your credit score and debt levels, you can present an application that will get you an optimal rate in Wisconsin.
SoFi now partners with Spring EQ to offer flexible HELOCs. Our HELOC options allow you to access up to 90% of your home’s value, or $500,000, at competitively lower rates. And the application process is quick and convenient.
Unlock your home’s value with a home equity line of credit brokered by SoFi.
With an 8.00% interest rate and 10-year term, you’ll pay about $607 monthly. But exactly how much you’ll pay overall will depend on your interest rate and loan term. The same 8.00% interest rate over a 20-year term will cost you $418 per month, but you’ll pay a lot more interest in total.
Is a HELOC a smart move for you?
Whether a HELOC is a good idea now depends on your financial scenario and goals. HELOCs can be ideal for improving your home, consolidating debt, or paying off other large expenses. It’s important, however, to consider interest rates, fees, and the potential impact on your home equity before you make a decision.
What’s the monthly payment on a $100,000 HELOC?
A $100,000 HELOC’s monthly payment depends on both the interest rate and the repayment term you’ve chosen. At 6.00% interest over 20 years, the payment would be $716 per month. An interest rate of 8.00% with the same term would require a monthly payment of $836.
What are the benefits of a HELOC?
A HELOC is a flexible borrowing option. Rather than taking out a lump sum, you can borrow in increments that meet your shorter-term needs, and at a rate that’s likely lower than you’d get with a credit card. The best thing is, you pay interest only on what you borrow at any given time.
Do you need an appraisal for a HELOC?
You do, yes. The appraisal is a crucial step since it helps to establish the value of your home, which in turn determines the amount you’ll be able to borrow. Lenders want to be sure your loan is secured by enough equity in your home. Your lender will give you details about what is required for the appraisal.
What might prevent you from qualifying for a home equity loan?
Some factors will disqualify you from getting a home equity loan, including a bad credit score, a deficit of home equity, and a high level of debt relative to your income.
How hard is it to get a HELOC?
If you can meet lender requirements including a healthy credit score and reasonable debt levels, and you have the minimum equity — usually 15% — in your home, it shouldn’t be too hard to get a HELOC. The most challenging part for many would-be borrowers is compiling financial documents to submit with the application. Taking time to do that carefully and accurately will move the application process along.
How does a HELOC affect your credit score?
When you apply, the HELOC lender will perform a hard inquiry on your credit report. This could cause a temporary decrease in your credit score. Carrying a large balance on your HELOC could also negatively impact your credit utilization ratio, lowering your credit score. But if you make regular payments toward your HELOC, it will demonstrate your ability to use credit responsibly, and that should help you continue to build your score.
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²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945. All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee. Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice. Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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